In August 2024, the US added 99k jobs, a slowdown from previous years. Wage growth at 4.72% hasn’t kept pace with inflation, leading to only 1.5% real wage growth since 2020. Is the job market cooling off? 🌡️📉

2023: 111,000 jobs
2022: 315,000 jobs
2021: 235,000 jobs
2020: 1,371,000 jobs (due to recovery from pandemic-related losses)
2019: 130,000 jobs

The slower job growth in 2024 may be partially explained by the modest wage increases. In June 2024, wages grew by 4.72% compared to the previous year. Although wages have seen significant increases in the past, such as a peak of 15.28% in April 2021, they have also experienced declines, like the -5.89% in April 2020. Since the beginning of 2020, nominal wages have increased by 22.7%, but consumer prices have also risen by 21.0%, resulting in a real wage growth of only 1.5% over this period.

These figures suggest that while wages have increased, they have not always kept pace with inflation, which could be a factor in the slower job growth observed in 2024.

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